JPMorgan Chase & Co. initiated coverage on shares of Quanta Services (NYSE:PWR – Free Report) in a research note released on Monday, MarketBeat.com reports. The firm issued a neutral rating and a $297.00 price target on the construction company’s stock.
Several other equities research analysts also recently commented on the company. Truist Financial reiterated a buy rating and issued a $319.00 price objective (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Citigroup boosted their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the company a buy rating in a report on Friday, October 4th. TD Cowen raised their target price on shares of Quanta Services from $270.00 to $280.00 and gave the stock a buy rating in a report on Thursday, August 8th. B. Riley boosted their target price on shares of Quanta Services from $286.00 to $303.00 and gave the company a buy rating in a research note on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a hold rating and a $256.00 price target on the stock. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Quanta Services currently has an average rating of Moderate Buy and an average target price of $293.50.
Get Our Latest Research Report on Quanta Services
Quanta Services Stock Down 0.3 %
Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.47 EPS. On average, analysts anticipate that Quanta Services will post 7.82 EPS for the current fiscal year.
Quanta Services Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.12%. Quanta Services’s payout ratio is 6.98%.
Insiders Place Their Bets
In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at $5,490,297.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,357 shares of company stock worth $53,115,572 in the last 90 days. 1.10% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Electron Capital Partners LLC boosted its holdings in shares of Quanta Services by 395.1% in the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after purchasing an additional 2,092,519 shares during the period. Swedbank AB purchased a new position in Quanta Services during the first quarter worth $227,218,000. Capital World Investors increased its position in Quanta Services by 10.7% during the first quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock valued at $1,726,042,000 after acquiring an additional 643,011 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Quanta Services by 1,445.3% in the second quarter. American Century Companies Inc. now owns 395,152 shares of the construction company’s stock valued at $100,404,000 after acquiring an additional 369,581 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Quanta Services by 393.9% in the 4th quarter. Sei Investments Co. now owns 324,223 shares of the construction company’s stock worth $69,966,000 after acquiring an additional 258,580 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.
About Quanta Services
Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.
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